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DALY GOLD BLOG 7/26
Monday, July 26, 2010
by Mike Daly of PFGBest
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Gold Settles $4.70 Lower Today…($1183.10)
The Gold market remains in a technical channel
In search of news that will lend momentum either
to the upside or downside. We are certainly in the
summer dull drums as global investors seek a price
dip in hopes of re-entering the physical markets….
With the jewelers of India needing to re-stock their
shelves for the upcoming Festival and Wedding seasons
beginning in September and extending through December
I believe they are hoping for a price pull back prior to
purchasing their product.
Most Gold traders will recall the gold market last year
at this time was very range bound and truly did not break out
of the technical dull drums until after the Labor Day Holiday.
We then witnessed a mammoth rally that extended until
December 3rd …. I am not suggesting that will happen again
however, there is no news presently that has given any
momentum to the precious metals in either direction
thus far…..We have been trading between $1175.00 and $1220
seemingly forever…..This is a not unusual for the Gold
market during the summer months…..
REPORTS:
CONSUMER CONFIDENCE….9:00 am CST
My Swing Numbers…August Gold for 7/27
RESISTANCE # 2………………$1201.00
RESISTANCE # 1………………$1192.50
PIVOT……………………………. $1185.00
SUPPORT # 1………………….$1175.00
SUPPORT # 2………………….$1169.00
Mike Daly / GOLD Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, AND FOREX*
Recent articles from this author
- The Daly Gold Report(2) - Monday, February 06, 2012
- Weekly Gold Report(7) - Friday, February 03, 2012
- DALY GOLD REPORT 2/2 - Thursday, February 02, 2012
- Daly Gold Report(30) - Thursday, February 02, 2012
- Daly Gold Report(29) - Wednesday, February 01, 2012
About the author
Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist. He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades. He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982. He was charged with keeping vast spread markets in line and was a global gold market maker for the firm. From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets. He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009. Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.
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